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CU24 expanding despite tough economy

TALLAHASSEE, Fla. (7/28/09)--Credit Union 24, a credit union-owned ATM and point-of-sale (POS) network, announced that 24 credit unions have joined the network and 36 credit unions have renewed long-term contracts. The network is expanding, despite a tough economy, for several reasons. Credit unions have cited an increase in interchange income and access to surcharge-free ATMs for members as two reasons for joining or renewing their contracts with the network. Fee-free financial access is particularly important as credit union branches close and consumers reduce their use of credit, Credit Union 24 said. The network also has grown because of its relationship management team, which provides credit unions with qualitative information to help them understand the electronic funds transfer (EFT) environment. The data helps credit unions evaluate the most profitable short-term and long-term EFT opportunities, Credit Union 24 said. Credit Union 24 anticipates that it will continue to grow this year. Though the company has added new relationships in Michigan and has expanded in Wisconsin, Virginia and the Pacific Northwest, it is not specifically targeting any geographic area. The two credit unions to mostly recently sign onto the network are Front Royal (Va.) CU and PEF FCU in Highland Heights, Ohio. Front Royal has more than $45 million in assets, and PEF FCU has more than $20 million in assets. Credit Union 24 is headquartered in Tallahassee, Fla.